BRICS starts examining SWIFT alternative


BRICS starts examining SWIFT alternative (RT, June 17, 2015):

The BRICS members have kicked off consultations on an alternative to the global SWIFT system that processes about 1.8 billion financial messages annually, said Russian Deputy Foreign Minister Sergey Ryabkov.

The BRICS system for the transmission of financial information is expected to protect the member countries from any possible disruptions, and provide better security.

“The finance ministers and executives of the BRICS central banks are negotiating … setting up payment systems and moving on to settlements in national currencies. SWIFT or not, in any case we’re talking about … a transnational multilateral payment system that would provide greater independence, would create a definite guarantee for[BRICS – ed.]countries on risks associated with arbitrary decisions …made by countries that have current payment systems under their jurisdiction,”Russian Deputy Foreign Minister Sergey Ryabkov told RIA in an interview published Wednesday.

Ryabkov’s interview comes prior to the July BRICS summit in the Russian city of Ufa.

The summit will see the launch of projects expected to solidify the group’s ever growing role on the world political stage. Among them are the $100 billion BRICS New Development Bank (NDB), targeted to compliment the World Bank and bankroll the group’s infrastructure projects, and a currency pool worth another $100 billion, expected to protect BRICS from exchange rate volatility.

Russia has recentlyjoinedChina’s Asian Infrastructure Investment Bank (AIIB), aimed at funding infrastructure projects in the Asia-Pacific region that is not expected to compete with the NDB, but complement it, said Ryabkov.

Those who state the contrary are trying to pit BRICS nations against each other, he added.

“The United States and, perhaps, the European Union cannot but feel jealous about such initiatives. They see them as a reflection of the processes leading to an objective reduction of the weight of the founding fathers of the Bretton Woods system in the global financial and economic architecture,” said Ryabkov, adding that the criticism will only intensify when the bank is officially launched.

A number of countries, mainly in Asia, Latin America and Africa, have expressed interest in the activities of the NDB, said the minister.

2 thoughts on “BRICS starts examining SWIFT alternative”

  1. Of course there are powers that want to undermine BRICS……but, BRICS is rising, and those that want to see it fall are too late and too lacking in credibility. BRICS stands for Brazil, Russia, India, China and South Africa, but there are many more members than the five leading ones represented in the title. The day the US leaders allowed the bankers to run amok, starting with the crash of 2001…….was the opening death keel for the power of the US dollar.

    It still took until Spring of 2010……with Hugo Chavez, and his advent of the Sucre, the first electronic currency to set the process into stone. Chavez used his tiny organization, the South American Trade Alliance, to launch it. The SATA was made up of 12 small nations, including Cuba, and was so small, it flew under US radar. The US missed it completely, or did not take it seriously.

    For the first time, the Sucre allowed member nations to trade directly with each other using their own currencies, leaving the dollar out. They no longer had to convert to the dollar to trade with each other. Instead, the Sucre translated the value of each nation’s currency at the time of transaction, making conversion to the dollar or any world reserve currency obsolete.

    Russia and China watched closely. In November of 2010, they adopted an identical trade agreement with each other. For the first time, Russia and China traded directly with each other using their own currencies, leaving the dollar out.
    China went on to recruit India, Turkey, Iran and other Middle East countries, many South and Central American nations, Australia, many emerging African nations, Canada……and many more I cannot readily recall at the moment.

    The dollar has gone from total domination of the world economy to treading water……and western media is totally ignoring the truth of what is going on here. Fiction writing can be entertaining, but ignoring the truth year in and out is deadly, especially for the economies being deceived………

    The information was out there, but quickly buried. I was fortunate to find and save it…..but now, it has been erased. The Web isn’t the open door to truth any longer, and one has to dig in several places to find any truth.

    The US is in deep trouble. We have fools and corporate stooges in power, and they do not work on our behalf………….

    Thanks for all you do, this is one of the best sites out there.


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